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Template:Nutshell Pledge GMSLA 11: Difference between revisions
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{{pgmslaprov|11}} '''{{pgmslaprov|Consequences of an Event of Default}}''' <br> | {{pgmslaprov|11}} '''{{pgmslaprov|Consequences of an Event of Default}}''' <br> | ||
{{pgmslaprov|11.1}} If an {{pgmslaprov|Event of Default}} happens to either Party: <br> | {{pgmslaprov|11.1}} If an {{pgmslaprov|Event of Default}} happens to either Party: <br> | ||
{{pgmslaprov|11.2}} ''' | {{pgmslaprov|11.2}} '''{{pgmslaprov|Acceleration}}''': {{pgmslaprov|Borrower}}’s obligations will be accelerated as at the time of the {{pgmslaprov|Event of Default}} (the '''{{pgmslaprov|Termination Date}}''') as follows:<br> | ||
:{{pgmslaprov|11.2(a)}} The {{pgmslaprov|Non-Defaulting Party}} will determine the {{pgmslaprov|Default Market Value}} of the {{pgmslaprov|Borrower}}’s delivery and payment obligations under paragraph {{pgmslaprov|11.4}} as at the {{pgmslaprov|Termination Date}}. | :{{pgmslaprov|11.2(a)}} The {{pgmslaprov|Non-Defaulting Party}} will determine the {{pgmslaprov|Default Market Value}} of the {{pgmslaprov|Borrower}}’s delivery and payment obligations under paragraph {{pgmslaprov|11.4}} as at the {{pgmslaprov|Termination Date}}. | ||
:{{pgmslaprov|11.2(b)}} Using those values, [the {{pgmslaprov|Non-Defaulting Party}} will determine ''and notify'']<ref>Well, we ''assume'' it will be the [[Non-Defaulting Party - Pledge GMSLA Provision|NDP]]: the {{pgmsla}} rather brilliantly puts it into an unattributed [[passive]], as if God is going to to it, or it will magically happen by itself. Go, {{islacds}}.</ref>what each Party owes as at the {{pgmslaprov|Termination Date}}, converting amounts into the {{pgmslaprov|Base Currency}} at the {{pgmslaprov|Spot Rate}} where necessary, and will set those sums off against each other. The Party owing the greater amount must pay the difference on the {{pgmslaprov|Business Day}} after notification. | :{{pgmslaprov|11.2(b)}} Using those values, [the {{pgmslaprov|Non-Defaulting Party}} will determine ''and notify'']<ref>Well, we ''assume'' it will be the [[Non-Defaulting Party - Pledge GMSLA Provision|NDP]]: the {{pgmsla}} rather brilliantly puts it into an unattributed [[passive]], as if God is going to to it, or it will magically happen by itself. Go, {{islacds}}.</ref>what each Party owes as at the {{pgmslaprov|Termination Date}}, converting amounts into the {{pgmslaprov|Base Currency}} at the {{pgmslaprov|Spot Rate}} where necessary, and will set those sums off against each other. The Party owing the greater amount must pay the difference on the {{pgmslaprov|Business Day}} after notification. | ||